Latest News & VACUL Headlines
- Nussle to Congress: Marshall-Durbin Bill Will Hurt Consumers
August 11, 2022CUNA President/CEO Jim Nussle wrote to all 535 members of Congress Wednesday in strong opposition of the credit card bill from Sens. Roger Marshall, R-Kan., and Dick Durbin, D-Ill. CUNA and Leagues continue to call on credit unions, Leagues, and members to oppose the bill. Note: You can help our cause by contacting your lawmakers today!
- US Small Banks Post Stronger Loan Growth, Wider Net Interest Margins in Q2
August 11, 2022U.S. community banks generally reported improved loan growth and net interest margin in the second quarter compared to a year earlier, according to data collected and analyzed by S&P Global Market Intelligence.
- Banking Groups Plead with Biden Administration for Bigger Crypto Role
August 11, 2022The nation's top banking trade associations told the Biden administration that its cautious approach to digital assets is stifling the industry, while the broader crypto sector continues to operate with little government oversight.
- CFPB Says Big Tech Digital Marketers Liable for Unfair, Deceptive Practices
August 11, 2022The Consumer Financial Protection Bureau said that digital marketing firms that use algorithms or other analytics to target specific customers with ads or content can be held liable for abuses under federal law. The interpretive rule is just the latest in a string of changes to hold nonbank financial and technology firms accountable by bringing them under the CFPB's authority.
- CFPB Fines Mobile Savings App Digit $2.7 Million for Overdraft Charges
August 11, 2022The Consumer Financial Protection Bureau slapped the San Francisco technology firm Digit, a unit of the consumer lender Oportun, with a $2.7 million fine for failing to prevent consumers from triggering overdraft fees on their bank accounts. The agency also said the company pocketed interest on consumers' checking accounts.
- Durbin, Whitehouse, Sanders Join Effort to Revoke OCC Crypto Guidance
August 11, 2022Three prominent Democratic senators joined an effort to eliminate Trump-era regulatory guidance that cleared national banks to explore digital assets and other crypto-related banking activity.
- CFPB Takes Action to Protect the Public from Shoddy Data Security Practices
August 11, 2022The Consumer Financial Protection Bureau (CFPB) confirmed in a circular published today that financial companies may violate federal consumer financial protection law when they fail to safeguard consumer data. The circular provides guidance to consumer protection enforcers, including examples of when firms can be held liable for lax data security protocols.
- What the Update to NCUA’s LID Workbook Could Mean for Your CU
August 11, 2022NCUA regulations state that to both attain and retain a LID, more than 50% of a credit union’s membership must reside in a low-income area, so even the smallest variations in the data can play a big role in eligibility.
- Has Inflation Peaked? Here's What the Experts Are Saying
August 11, 2022Inflation decelerated by more than expected in July, but that doesn't mean our era of fast-rising prices – or Fed rate hikes – is over.
- Inflation Falls in July, But Housing Prices Keep Rising
August 11, 2022After rising to its highest level in 40 years in June, inflation dropped slightly in July. Thanks to a decrease in the gasoline index the Consumer Price Index (CPI) remained unchanged from the month prior, after hitting a 1.3% seasonally adjusted rate in June, according to data released Wednesday by the Bureau of Labor Statistics. Year over year, the CPI for all items rose 8.5% in July, down from the 9.1% yearly increase reported a month ago.